- Associated British Ports, adopts blockchain technology to improve shipping logistics.
- Blockchain would help to decrease the time taken for manually reviewing the port scattered data.
According to a media outlet today 19th September, Associated British Ports has gone into a contractual agreement with Marine Transport International (MTI), a digital logistics enabler, to set up a system that uses blockchain technology for shipping logistics. The media outlet, Dry Bulk magazine, stated that according to the agreement between ABP and Marine Transport International, Associated British Ports will commence experimental shipping logistics using the blockchain technology.
ABP is currently the leading port operator in the U.K. It carries out its operations in 21 ports and handles about 25% of the U.K.’s cargo shipping logistics. The media channel also noted that all the parties currently involved in Associated British Ports’ supply chain – port operators, carriers, shippers, etc. – lack connection with one another because they make use of different systems. However, the CEO and founder of MTI, Jody Cleworth, stated that using blockchain technology for shipping logistics can help to streamline the flow of operations as well as decrease the time taken for manually reviewing the port scattered data. Jody noted:
“With blockchain, we can connect all those systems to ensure data is accurately and quickly shared, helping speed-up and simplify the flow of trade in and out of the UK.”
Crytona.co reported in early June that Denmark officially signed a declaration that enabled it to become the first country worldwide to utilize the Blockchain technology for the registration of ships in the Danish Ship registers. Also, in early June, a subsidiary of Abu Dhabi Ports launched a blockchain solution which is made to improve efficiency in the shipping and logistics sector.
Last May, FedEx’s CEO, Fred Smith, stated the numerous benefits that the blockchain technology holds for shipping logistic supply chains. Fred called Blockchain “the next frontier that’s going to completely change [the whole industry]”.